March 5, 2021

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The travel folks

Lindblad Expeditions Holdings Raises $85 Million to Enhance Liquidity

3 min read

Lindblad Expeditions Holdings has entered into an arrangement with a team of investors—MSD Associates, L.P., Long lasting Money L.P., Headlands Money, Deep Field Asset Management LLC and Declaration Money—for the private placement of $eighty five million of convertible favored inventory.

The business mentioned in a statement that this will enrich Lindblad’s economic versatility, boosting funds reserves to help latest functions and prospective long term expansion, and that it also will help liquidity wants by way of 2021, even in the function of an extended COVID-19 shutdown. 

Protective Steps

“Since the world wide COVID-19 pandemic began, we have taken a range of proactive steps to assure that Lindblad is sufficiently capitalized to face up to this downturn and emerge in a situation of toughness,” said Sven-Olof Lindblad, Lindblad’s president and CEO, in a press announcement. “I am content to report that we have secured $eighty five million of more money from this exceptional, diversified team of professional long-expression traders.”

Lindblad continued, “We know our visitors are eager to travel again and this expenditure offers us with more economic versatility as we put together to return to discovering the world’s most outstanding locations.”

Web proceeds from the expenditure will be utilised for standard company uses. On a pro forma foundation, Lindblad’s liquidity situation at June thirty, 2020 would have been around $187 million when factoring in this $eighty five million expenditure. 

Terms of the Deal 

The traders have agreed to make an expenditure of $eighty five million in freshly-issued convertible favored inventory that carries a six percent dividend, payable in type for two years and thereafter in funds or in-type at the company’s selection. The favored inventory is convertible into shares of Lindblad typical inventory at a conversion rate of $nine.50 for each share, symbolizing a quality of 23 percent to Lindblad’s thirty-trading working day quantity-weighted typical rate.  On an as-converted foundation, the favored inventory will symbolize around fifteen.five percent of the pro forma typical shares exceptional.

“We had been confused by the enthusiastic reaction to this offering and are thrilled to add these a high-quality set of price-add traders supporting the business,” mentioned Mark Ein, Lindblad’s chairman. “We feel this money will not only protected our return to functions but, together with help from our dedicated trader base, will also situation us to be offensive in pursuing alternatives to accelerate the expansion of our system coming out of the pandemic.”  

About Lindblad Expeditions Holdings

Lindblad Expeditions Holdings, Inc. is an expedition travel business that focuses on ship-centered voyages by way of its Lindblad Expeditions brand name and on land-centered travel by way of its subsidiary, Normal Habitat Adventures, an journey travel and ecotourism business with a target on accountable nature travel.

Lindblad Expeditions works in partnership with Countrywide Geographic to create marine expedition plans and to boost world wide conservation and sustainable tourism. The partnership’s educationally oriented voyages permit visitors to interact with and understand from scientists, naturalists and researchers, even though visitors perspective and check out eco-units (each higher than and underneath the sea) through point out-of-the-artwork exploration resources.

Normal Habitat companions with the World Wildlife Fund to provide and boost conservation and sustainable travel. Adventures contain polar bear excursions in Churchill, Canada, Alaskan grizzly bear adventures and African safaris.

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